A federal judge recently approved an $11.25 million settlement for investors who purchased $5.26 billion of non-agency MBS issued by jumbo lender Thornburg Mortgage. The lawsuit alleged false and misleading disclosures by Thornburg.
The U.S. Court of Appeals for the District of Columbia has reinstated a lawsuit that could place a widowed spouse of a deceased reverse mortgage borrower at risk of foreclosure.
Fannie Mae is working on building an in-house unit to value mortgage servicing rights, according to industry officials who’ve been briefed on the GSE's plans.
Depository institutions managed to trim the volume of mortgage loans they serviced for other investors during the third quarter of 2012, according to a new Inside Mortgage Trends analysis of call report data.
In an email message to his members on Friday, Mortgage Bankers Association president David Stevens noted that the fiscal cliff deal “does not substantially limit the mortgage interest deduction” but “it does phase out itemized deductions for certain higher income households.”
Bank of America Monday morning said it has agreed to sell $306 billion of legacy, bulk mortgage servicing rights to Nationstar Mortgage and Walter Investment Management Corp. for an undisclosed sum. And sources tell Inside Mortgage Finance that more MSR sales are in the works at the bank.
Bank of America appears to have resolved a longstanding dispute with Fannie Mae over loan repurchases – but will not begin selling more loans to the GSE.
Forget (for now) the story about Bank of America scuttling the sale of $14 billion of high-touch mortgage servicing rights. Inside Mortgage Finance is hearing that over the past several weeks the megabank was looking to unload upwards of $300 billion in MSRs, or at least talking about it to select buyers. BofA, as we pointed out, doesn’t talk about its servicing sales, though it does acknowledge them (sometimes) in its earnings calls with analysts.…
Mortgage securitization rates remained at records levels through the third quarter of 2012, with 86.3 percent of primary market originations being financed as MBS according to a new analysis by Inside MBS & ABS.
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